Arlington, VA — MAC Realty Advisors, LLC (MAC), on behalf of Pillars Development Group (Pillars), successfully placed a $17.5 million construction loan for the development of 4707 Columbia Pike, a 78-unit luxury condominium development that also includes 8,000 s/f of first floor, street level retail. The construction loan closed with a regional bank on Friday, July 8th.
Ellisdale Construction & Development will be the general contractor. The project is expected to deliver in 2018.
Pillars Development Group designed a residential product that will appeal to urban focused buyers who appreciate Columbia Pike’s convenience, services and recreational amenities literally at our doorstep.“Capital, both senior debt and equity, continues to seek out these boutique sized, urban in-fill sites,” indicated Bruce Levin, Executive Director with MAC. “
The developer was ultimately very pleased with the lender and its seamless approval and execution process.”New class A apartment buildings plus a recently delivered Giant Grocer, and the retail opportunities at nearby Bailey’s Crossroads and the Fashion Center at Pentagon City, together with numerous restaurants and the W&OD trail right outside the door underscore the desirability of this location.
Bruce Levin, Andrew McAllister and Nicholas Rubenstein led the placement effort for MAC.